XEN is crypto for the masses, created by Jack Levin to uphold the first principles of the blockchain like self-custody, decentralization, and transparency. XEN gives people complete control and property rights over their finances, but people who aren’t used to such a broad leeway of freedom often fail to claim their XEN rewards on time, resulting in a loss of up to 99% of tokens. They also get confused when managing many addresses and wallets, which often ends in a loss of funds. Here comes XEL with the wallet manager tool to batch mint XEN, organize, count, filter, and remind you of claims. XEL does all this, and it also gives you XEN as a reward just for using the wallet to mint XEL, a free, disinflationary token.
Why do we need XEL?
XEN is a token that you can mint for free. It’s enough to connect your MetaMask or another Ethereum-compatible wallet to xen.network, indicate the number of days you want to mint for, confirm the transaction, and pay the network gas fee. You can do it multiple times with a new account. After that, you need to remember to come back at the end of your mint term and claim your XEN tokens. If you don’t do that within 24 hours, your mint will be reduced by a specific percentage point to arrive at a 99% loss after seven days from the end of your mint term.
Many users lost their tokens this way. More than 324 billion XEN have been lost to penalties to this day.
There are already tools that help people remember their mints. The users also come up with their own methods of scheduling mints like creating Excel spreadsheets, inserting an alarm in a calendar, or writing it down on a piece of paper. They’re all good, but sometimes these methods fail anyway.
The XEL wallet manager tool comes to the rescue.
The XEL portfolio manager
The XEL portfolio manager creates one master wallet for everything you do, so you don’t need to handle tens, hundreds, or thousands of accounts separately anymore. Everything you mint is contained in one wallet. Try it out! This way, you can monitor all of your mints to know the progress of their minting and the claim date.
You can see the number of XEN and XEL as well as your place on the global leaderboard, and you can also see eventual penalties. Everything you need to know is in one interface.
The XEL batch minter
Another very useful thing that everyone wants is the batch minter, which allows you to mint XEN with the power of up to 100 accounts with just one click of the button. The XEL wallet manager is also that – the XEN batch minter, or the XEN bulk minter, as some like to call it.
Just insert the number of addresses you want to mint with, the number of days, and confirm the transaction. With this simple step, you saved the time that you previously had to use to create 100 different accounts and mint all of them separately. You also saved on gas fees, which are crucial when minting XEN.
What is the XEL token
The wallet manager has a token built around it. It’s called XEL, and it’s strictly tied to XEN minting. XEL is created for free, and only the network fees apply. When you mint XEL, XEN is given as a reward for using our wallet manager.
Because of its unique tokenomics and disinflationary nature, XEL not only rewards early adopters, but it also makes XEN stronger by rewarding the people who make it with another token. XEL is created by applying a multiplier to the XEN mint and this multiplier decreases by 5% every week making XEL a scarce asset after its minting difficulty increases. It’s possible to increase the number of tokens created by extending the mint term period to the maximum.
In tandem with the XEN ethos, XEL lowers the barrier to entry for new users. The XEL token has no utility as of yet, but it may come. It is distributed in a completely decentralized manner without any kind of pre-mint or allocation to the founders. A 10% service fee is applied to each mint. It’s charged on the quantity of XEL tokens while users receive their full XEN rewards.
Similarly to XEN, XEL starts with zero supply, and the supply comes into existence when the XEL + XEN wallet manager is used by the user. To ensure our users with the security they need, the XEL wallet manager is audited by Certik.